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Vanda Pharmaceuticals Inc. (we, our, the Company or Vanda) is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. We strive to advance novel approaches to bring important new medicines to market through responsible innovation.
The business is unprofitable at the operating level (-69.95% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 8.7%, steady but not accelerating. Margins contracted 49.5pp, which offsets some of the top-line progress.
ROIC dropped from -5.81% to -26.82%, capital efficiency is deteriorating. Negative free cash flow of -$110M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$218M
▲ +8.7% YoY
Net Income (TTM)
-$240M
▼ -1066.5% YoY
Op. Margin
-73.64%
▼ -49.5pp YoY
ROIC
-31.50%
▼ -21.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$127M
▼ -579.8% YoY
Op. Cash Flow (TTM)
-$127M
▼ -594.6% YoY
Net Debt
-$189M
Net Cash Position
Cash & Equiv.
$202M
5Y CAGR: -2.7%
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